Current account deficit totals NOK 3.8 billion in August

Preliminary figures show a current account deficit of NOK 3.8 billion for August 1998. In July this year the deficit was NOK 0.6 billion. The negative trend is primarily because of the reduced value of exports of crude oil and natural gas, which is due to both lower prices and reduced exported volume.

The export of other goods, gross freight and financial and business services also dropped compared to July this year. In August 1997 the surplus was NOK 5.3 billion. Overall imports declined NOK 0.6 billion from July 1998 to August 1998. Imports of other goods, however, increased by NOK 0.7 billion from July 1998 to August 1998.

Growing goods and services deficit

In August this year the external goods and services balance showed a deficit of NOK 2.7 billion, a decline of NOK 3.2 billion compared to July last year. The goods balance for August 1998 shows a deficit of NOK 2.0 billion, while the services balance shows a deficit of NOK 0.8 billion. In August 1997 the surplus on the external goods and services balance was NOK 6.2 billion.

A deficit of NOK 1.1 billion has been calculated for the balance of primary incomes and current transfers for August 1998, while the average monthly deficit so far in 1998 has been NOK 1.2 billion. July 1998 showed the same deficit as August 1998. In August 1997 the primary incomes and current transfers balance showed a deficit of NOK 0.9 billion.

Preliminary figures show that Norway's net foreign assets declined by NOK 9.1 billion in August 1998 to an estimated NOK 75.2 billion at the end of the month.

The current account includes both external trade in commodities and export and import of services. It also covers capital income and expenses in the form of interest, dividends etc. and current transfers to and from Norway.

New Statistics
Balance of payments, August 1998.
The statistics are published monthly in the Weekly Bulletin of Statistics. For more information, contact: Bjų rnar.Ansnes@ssb.no, tel. +47 21 09 48 35, or Tore.Halvorsen@ssb.no, tel. 21 09 48 48.

Weekly Bulletin issue no. 44, 1998